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Brokerage
Posted: November 6, 2009
Cambridge provides $12.9 million HUD 232 loan to refinance 136-bed facility
Cambridge Realty Capital Cos. has provided a $12.9 million FHA-insured first mortgage loan to refinance the Renaissance Care Center of Canton, a 136-bed skilled pediatric and skilled nursing home facility.
Cambridge chairman Jeffrey Davis said the fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites HUD Section 232 funding programs.
Davis said the loan also financed rehabilitation and the construction of a new addition. The property currently has 69 skilled pediatric and 76 skilled nursing units/beds.
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